After the market closed, the U.S. Department of Agriculture reported that the nation’s cattle herd was 94.2 million head as of July 1, a record low for that date.

In a separate report, USDA said that as of July 1, there were two per cent fewer cattle in U.S. feedlots compared to a year earlier. Analysts had expected USDA to show 0.8 per cent fewer cattle, according to a Reuters News poll.

Still, much of the market’s attention early in the trading session was focused on U.S. President Donald Trump’s social media posts, where he said the United States would sell “so much” beef to Australia after Canberra said it would relax import restrictions.

Almost immediately, economists, market analysts, and commodity traders interviewed by Reuters questioned Trump’s assertion.

U.S. beef prices set records this year after ranchers slashed their herds due to drought that burned up pasturelands used for grazing.

Now, a ban on cattle imports from Mexico because of New World screwworm, a devastating livestock pest, and steep tariffs on Brazilian beef that are set to take effect on August 1 could further tighten U.S. meat supplies and require additional imports of Australian beef.

“Are we going to be selling a bunch of beef to Australia right now? Absolutely not,” said Dan Norcini, an independent livestock trader. “The cattle numbers just aren’t there.”

CME August live cattle futures LCQ25 settled up 0.675 cent at 226.475 cents per pound, while most-active October live cattle futures LCV25 ended up 1 cent at 223.150 cents per pound.

CME August feeder cattle futures FCQ25 ended 2.475 cents higher at 331.375 cents per pound. CME September FCU25, October FCV25 and November FCX25 feeder cattle futures set fresh contract highs during the session.

Meanwhile, lean hog futures were mostly lower, as traders are growing concerned that top-buyer Mexico will roll out retaliatory tariffs on U.S. pork next month, market analysts said.

CME August lean hog futures LHQ25 ended up 0.500 cent at 108.700 cents per pound, while most-active October LHV25 ended 0.500 cent lower at 90.600 cents per pound.

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The June live cattle contract added 1.600 cents at 196.800 cents per pound.

May feeder cattle futures advanced 3.400 cents at 278.700 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Friday afternoon, as choice boxes dipped seven cents at $334.22 per hundredweight and select boxes were down $1.00 at $313.96.

Thursday’s federally inspected cattle slaughter was estimated at 114,000 head, down 9,000 from the previous Thursday.

The June contract for lean hog prices nudged up 0.150 of a cent on Friday at 93.325 cents per pound.

The department reported Thursday’s federally inspected hog slaughter of 488,000 head, up 34,000 from a week ago.

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The June live cattle contract retreated 3.175 cents at 195.200 cents per pound.

May feeder cattle futures dropped 2.900 cents at 275.300 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Thursday afternoon, as choice boxes lost $3.57 at $334.29 per hundredweight and select boxes fell $5.65 at $314.96.

The USDA also said beef export sales for the week ended April 3 of 11,855 tonnes, the highest in three weeks.

Wednesday’s federally inspected cattle slaughter was estimated at 123,000 head, down 2,000 from the previous Wednesday.

The June contract for lean hog prices added 1.475 cents on Thursday at 93.175 cents per pound.

The USDA said export sales of pork amounted to 23,854 tonnes, down by more than half from the previous week.

The department reported Wednesday’s federally inspected hog slaughter reached 487,000 head, up by 25,000 from a week ago.

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Trump said the suspension of the levies comes as more than 75 countries were set to negotiate trade with the U.S. or had not taken retaliatory action. However, Trump increased duties on China to 125 per cent from 104 per cent. Meanwhile, China will further raise their tariffs on the U.S. to 84 per cent.

The June live cattle contract advanced 4.750 cents at 198.375 cents per pound.

May feeder cattle futures climbed 6.475 cents at 278.200 cents per pound.

The USDA reported wholesale boxed beef prices were lower on Wednesday afternoon, as choice boxes shed 24 cents at $337.86 per hundredweight and select boxes lost $1.45 at $320.61.

Tuesday’s federally inspected cattle slaughter was estimated at 122,000 head, for a slip of 1,000 from the previous Tuesday.

Lean hog prices were higher on Wednesday as the June contract stepped up 1.925 cents at 91.700 cents per pound.

The USDA reported Tuesday’s federally inspected hog slaughter amounted to 488,000 head for an increase of 23,000 from a week ago.

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United States President Donald Trump is determined to add another 50 points to its tariffs on the country’s imports from China. Together with previous and current duties, that would bring the total levies China is facing to 104 per cent. Trump stated tomorrow’s increase would be cancelled, if China cancelled its 34 per cent tariffs on its U.S. imports.

The June live cattle contract dropped 0.550 of a cent at 193.625 cents per pound.

May feeder cattle futures gained 0.450 of a cent at 271.775 cents per pound.

The USDA reported wholesale boxed beef prices were either side of unchanged on Tuesday afternoon, with choice boxes slipping $1.40 at $338.10 per hundredweight and select boxes rose $2.76 at $322.06.

Monday’s federally inspected cattle slaughter tallied 108,000 head, up 4,000 from the previous Monday.

Lean hog prices were mostly lower on Tuesday with the June contract giving up 0.275 of a cent at 89.775 cents per pound.

The USDA reported Monday’s federally inspected hog slaughter was 488,000 head, an increase of 24,000 from a week ago.

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Meanwhile, the U.S. Department of Agriculture issued its export sales report for the week ended March 27, with beef sales improving to 9,261 tonnes. Also, the U.S. Census Bureau reported February beef exports amounted to 227.4 million pounds, down 6.9 per cent from a year ago.

The June live cattle contract lost 2.700 cents at 204.700 cents per pound.

May feeder cattle futures fell 4.800 cents at 283.125 cents per pound.

Wednesday’s federally inspected cattle slaughter was 124,000 head, 15,000 fewer than the previous Wednesday.

The USDA reported wholesale boxed beef prices were lower on Thursday afternoon, with choice boxes losing $1.53 at $338.37 per hundredweight, while select boxes gave up 99 cents at $317.84.

Lean hog prices were down as well on Thursday. The June contract pulled back 0.975 of a cent at 95.550 cents per pound. The USDA reported Wednesday’s federally inspected hog slaughter was 485,000 head, down 12,000 from the previous Wednesday.

The USDA reported pork export sales came to 52,953 tonnes, a marketing year high. Census data said 565.2 million pounds of pork were exported in February, 4.8 per cent less than the same time last year.

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After hitting fresh contract highs on Monday, the feeder market was thought to be due for a correction from a chart standpoint. However, forecasts calling for another blast of winter weather from Kansas and Iowa through to Wisconsin provided support — with heavy snows expected.

April feeder cattle futures were up by 0.350 cents per pound at 284.550 cents per pound, while the May contract was down by 0.050 cents per pound at 285.250 cents.

The April live cattle contract was up by 0.350 cents per pound at 205.375 cents at the close, while the May contract lost 0.075 cents at 201.000 cents.

The U.S. Department of Agriculture reported wholesale boxed beef prices were stronger on Tuesday, with choice boxes up $2.16 at $323.32 per hundredweight and select boxes up $1.33 at $309.23.

Lean hog prices were weaker, with the April contract down 0.475 cents per pound at 87.600 cents.

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The United States Department of Agriculture reported export sales of 24,907 tonnes for the week ended Jan. 30. That’s up 23.5 per cent from the previous week and the most since August.

The April live cattle contract fell 4.525 cents per pound at 196.775 cents.

March feeder cattle futures dropped 5.425 cents at 265.300 cents per pound.

The USDA reported wholesale boxed beef prices were mixed on Thursday afternoon, with choice boxes down $1.36 at $323.98 per hundredweight while select boxes added $0.44 at $314.77.

Export sales of U.S. pork amounted to 50,671 tonnes, up 51 per cent from the previous week.

Lean hog prices nudged higher on Thursday. The April contract tack on 0.200 of a cent per pound at 91.750 cents.

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The February live cattle contract settled just short of the record high hit last Friday, up 1.125 cents per pound at 198.525 cents.

March feeder cattle futures held below the contract highs hit last week, ending 1.600 cents per pound higher at 269.800 cents per pound.

The U.S. Department of Agriculture reported wholesale boxed beef prices were mixed on Wednesday, with choice boxes up $1.160 from Tuesday at $334.14 per hundredweight and select boxes down $0.67 at $318.04.

Hog prices were narrowly mixed on the day, with the nearby February contract down 0.525 cents per pound at 83.125 cents.

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Recent strength in wholesale beef prices also encouraged continued buying despite a seasonal tendency for the market to decline after the Thanksgiving holiday into early December, pressured by expectations for slower beef demand in January.

“So far that bearish seasonal hasn’t really played out just yet … For now the market doesn’t have evidence yet that this normal hit to demand is being seen,” said Rich Nelson, chief strategist at Allendale Inc.

“You can also argue that the Trump tariff concerns with Mexico and Canada might keep a couple of cattle off of our borders,” he said.

CME February live cattle LCG25 gained 0.450 cent to 189.075 cents per pound. January feeder cattle FCF25 added 2.450 cents to end at 259.300 cents per pound.

The choice boxed beef cutout scaled to a one-month high on Monday before slipping by $2.18 on Tuesday afternoon to $310.83 per cwt, according to the U.S. Department of Agriculture. The select cutout also declined, shedding $1.67 to $275.33 per cwt.

Overshadowing the market, however, was news of layoffs at grains merchant and beef packer Cargill a day after news that Tyson Foods will close a meat processing plant in Kansas.

CME lean hog futures approached fresh contract highs on Tuesday, supported by concerns that tariffs on Canadian imports would curb hog supplies. But the market closed out the day in the red as buying interest faded.

February hogs LHG25 settled down 0.100 cent at 87.850 cents per pound.

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